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Taxes Due 2012Taxes due 2012 Publication 334 - Introductory Material Table of Contents IntroductionOrdering forms and publications. Taxes due 2012 Tax questions. Taxes due 2012 Future Developments What's New for 2013 What's New for 2014 Reminders Photographs of Missing Children Introduction The purpose of this publication is to provide general information about the federal tax laws that apply to small business owners who are sole proprietors and to statutory employees. Taxes due 2012 This publication has information on business income, expenses, and tax credits that may help you file your income tax return. Taxes due 2012 Are you self-employed? You are self-employed if you carry on a trade or business as a sole proprietor or an independent contractor. Taxes due 2012 Sole proprietor. Taxes due 2012 A sole proprietor is someone who owns an unincorporated business by himself or herself. Taxes due 2012 However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation. Taxes due 2012 Trade or business. Taxes due 2012 A trade or business is generally an activity carried on to make a profit. Taxes due 2012 The facts and circumstances of each case determine whether or not an activity is a trade or business. Taxes due 2012 You do not need to actually make a profit to be in a trade or business as long as you have a profit motive. Taxes due 2012 You do need to make ongoing efforts to further the interests of your business. Taxes due 2012 You do not have to carry on regular full-time business activities to be self-employed. Taxes due 2012 Having a part-time business in addition to your regular job or business may be self-employment. Taxes due 2012 Independent contractor. Taxes due 2012 People such as doctors, dentists, veterinarians, lawyers, accountants, contractors, subcontractors, public stenographers, or auctioneers who are in an independent trade, business, or profession in which they offer their services to the general public are generally independent contractors. Taxes due 2012 However, whether they are independent contractors or employees depends on the facts in each case. Taxes due 2012 The general rule is that an individual is an independent contractor if the payer has the right to control or to direct only the result of the work and not how it will be done. Taxes due 2012 The earnings of a person who is working as an independent contractor are subject to self-employment tax. Taxes due 2012 For more information on determining whether you are an employee or independent contractor, see Publication 15-A, Employer's Supplemental Tax Guide. Taxes due 2012 Statutory employee. Taxes due 2012 A statutory employee has a checkmark in box 13 of his or her Form W-2, Wage and Tax Statement. Taxes due 2012 Statutory employees use Schedule C or C-EZ to report their wages and expenses. Taxes due 2012 Limited liability company (LLC). Taxes due 2012 A limited liability company (LLC) is an entity formed under state law by filing articles of organization. Taxes due 2012 Generally, a single-member LLC is disregarded as an entity separate from its owner and reports its income and deductions on its owner's federal income tax return. Taxes due 2012 An owner who is an individual may use Schedule C or C-EZ. Taxes due 2012 Business owned and operated by spouses. Taxes due 2012 If you and your spouse jointly own and operate an unincorporated business and share in the profits and losses, you are partners in a partnership, whether or not you have a formal partnership agreement. Taxes due 2012 Do not use Schedule C or C-EZ. Taxes due 2012 Instead, file Form 1065, U. Taxes due 2012 S. Taxes due 2012 Return of Partnership Income. Taxes due 2012 For more information, see Publication 541, Partnerships. Taxes due 2012 Exception—Community income. Taxes due 2012 If you and your spouse wholly own an unincorporated business as community property under the community property laws of a state, foreign country, or U. Taxes due 2012 S. Taxes due 2012 possession, you can treat the business either as a sole proprietorship or a partnership. Taxes due 2012 The only states with community property laws are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Taxes due 2012 A change in your reporting position will be treated as a conversion of the entity. Taxes due 2012 Exception—Qualified joint venture. Taxes due 2012 If you and your spouse each materially participate as the only members of a jointly owned and operated business, and you file a joint return for the tax year, you can make a joint election to be treated as a qualified joint venture instead of a partnership for the tax year. Taxes due 2012 Making this election will allow you to avoid the complexity of Form 1065 but still give each spouse credit for social security earnings on which retirement benefits are based. Taxes due 2012 For an explanation of "material participation," see the Instructions for Schedule C, line G. Taxes due 2012 To make this election, you must divide all items of income, gain, loss, deduction, and credit attributable to the business between you and your spouse in accordance with your respective interests in the venture. Taxes due 2012 Each of you must file a separate Schedule C or C-EZ and a separate Schedule SE. Taxes due 2012 For more information, see Qualified Joint Ventures in the Instructions for Schedule SE. Taxes due 2012 This publication does not cover the topics listed in the following table. Taxes due 2012 IF you need information about: THEN you should see: Corporations Publication 542 Farming Publication 225 Fishermen (Capital Construction Fund) Publication 595 Partnerships Publication 541 Passive activities Publication 925 Recordkeeping Publication 583 Rental Publication 527 S corporations Instructions for Form 1120S What you need to know. Taxes due 2012 Table A provides a list of questions you need to answer to help you meet your federal tax obligations. Taxes due 2012 After each question is the location in this publication where you will find the related discussion. Taxes due 2012 Table A. Taxes due 2012 What You Need To Know About Federal Taxes (Note. Taxes due 2012 The following is a list of questions you may need to answer so you can fill out your federal income tax return. Taxes due 2012 Chapters are given to help you find the related discussion in this publication. Taxes due 2012 ) What must I know Where to find the answer What kinds of federal taxes do I have to pay? How do I pay them? See chapter 1. Taxes due 2012 What forms must I file? See chapter 1. Taxes due 2012 What must I do if I have employees? See Employment Taxes in chapter 1. Taxes due 2012 Do I have to start my tax year in January, or can I start it in any other month? See Accounting Periods in chapter 2. Taxes due 2012 What method can I use to account for my income and expenses? See Accounting Methods in chapter 2. Taxes due 2012 What kinds of business income do I have to report on my tax return? See chapter 5. Taxes due 2012 What kinds of business expenses can I deduct on my tax return? See Business Expenses in chapter 8. Taxes due 2012 What kinds of expenses are not deductible as business expenses? See Expenses You Cannot Deduct in chapter 8. Taxes due 2012 What happens if I have a business loss? Can I deduct it? See chapter 9. Taxes due 2012 What must I do if I disposed of business property during the year? See chapter 3. Taxes due 2012 What are my rights as a taxpayer? See chapter 11. Taxes due 2012 Where do I go if I need help with federal tax matters? See chapter 12. Taxes due 2012 IRS mission. Taxes due 2012 Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all. Taxes due 2012 Comments and suggestions. Taxes due 2012 We welcome your comments about this publication and your suggestions for future editions. Taxes due 2012 You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Taxes due 2012 NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Taxes due 2012 Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Taxes due 2012 You can send your comments from www. Taxes due 2012 irs. Taxes due 2012 gov/formspubs/. Taxes due 2012 Click on “More Information” then on “Comment on Tax Forms and Publications. Taxes due 2012 ” Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Taxes due 2012 Ordering forms and publications. Taxes due 2012 Visit www. Taxes due 2012 irs. Taxes due 2012 gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Taxes due 2012 Internal Revenue Service 1201 N. Taxes due 2012 Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Taxes due 2012 If you have a tax question, check the information available on IRS. Taxes due 2012 gov or call 1-800-829-1040. Taxes due 2012 We cannot answer tax questions sent to either of the above addresses. Taxes due 2012 Future Developments For the latest information about developments related to Publication 334, such as legislation enacted after it was published, go to www. Taxes due 2012 irs. Taxes due 2012 gov/pub334. Taxes due 2012 What's New for 2013 The following are some of the tax changes for 2013. Taxes due 2012 For information on other changes, go to IRS. Taxes due 2012 gov. Taxes due 2012 Tax rates. Taxes due 2012 . Taxes due 2012 For tax years beginning in 2013, the social security part of the self-employment tax increases to 12. Taxes due 2012 4%. Taxes due 2012 The Medicare part of the tax remains at 2. Taxes due 2012 9%. Taxes due 2012 As a result, the self-employment tax is 15. Taxes due 2012 3%. Taxes due 2012 Maximum net earnings. Taxes due 2012 The maximum net self-employment earnings subject to the social security part of the self-employment tax increases to $113,700 for 2013. Taxes due 2012 There is no maximum limit on earnings subject to the Medicare part. Taxes due 2012 Standard mileage rate. Taxes due 2012 For 2013, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56. Taxes due 2012 5 cents per mile. Taxes due 2012 For more information, see Car and Truck Expenses in chapter 8. Taxes due 2012 Simplified method for business use of home deduction. Taxes due 2012 . Taxes due 2012 The IRS now provides a simplified method to determine your expenses for business use of your home. Taxes due 2012 For more information, see Business Use of Your Home in chapter 8. Taxes due 2012 What's New for 2014 The following are some of the tax changes for 2014. Taxes due 2012 For information on other changes, go to IRS. Taxes due 2012 gov. Taxes due 2012 Standard mileage rate. Taxes due 2012 For 2014, the standard mileage rate for the cost of operating your car, van, pickup, or panel truck for each mile of business use is 56 cents per mile. Taxes due 2012 Self-employment tax. Taxes due 2012 The maximum net self-employment earnings subject to the social security part of the self-employment tax is $117,000 for 2014. Taxes due 2012 Reminders Accounting methods. Taxes due 2012 Certain small business taxpayers may be eligible to adopt or change to the cash method of accounting and may not be required to account for inventories. Taxes due 2012 For more information, see Inventories in chapter 2. Taxes due 2012 Reportable transactions. Taxes due 2012 You must file Form 8886, Reportable Transaction Disclosure Statement, to report certain transactions. Taxes due 2012 You may have to pay a penalty if you are required to file Form 8886 but do not do so. Taxes due 2012 You may also have to pay interest and penalties on any reportable transaction understatements. Taxes due 2012 Reportable transactions include: Transactions the same as or substantially similar to tax avoidance transactions identified by the IRS, Transactions offered to you under conditions of confidentiality for which you paid an advisor a minimum fee, Transactions for which you have, or a related party has, contractual protection against disallowance of the tax benefits, Transactions that result in losses of at least $2 million in any single tax year ($50,000 if from certain foreign currency transactions) or $4 million in any combination of tax years, and Transactions the same or substantially similar to one of the types of transactions the IRS has identified as a transaction of interest. Taxes due 2012 For more information, see the Instructions for Form 8886. Taxes due 2012 Photographs of Missing Children The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Taxes due 2012 Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Taxes due 2012 You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Taxes due 2012 Prev Up Next Home More Online Publications
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